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Carrefour Denies Having Solicited Casino

French grocery retailer Carrefour Group (CRERF, CRRFY,0NPH.L) denied having solicited Casino and is surprised that Casino's board of directors would have been submitted a merger proposal that does not exist, Carrefour said Sunday.

Focused on the implementation of its 2022 transformation plan, Carrefour said it is reviewing its legal options in order to stop these inacceptable innuendoes.

Earlier today, Casino said it has been contacted by Carrefour over the last few days with a view to a possible combination. A meeting of Casino's board of directors was accordingly held today, September 23, 2018.

Casino stated that its board unanimously reiterated its entire confidence in Casino's strategy for value creation based on its unique market positioning.

Casino noted that it intends to take all necessary action to defend the group's corporate interest, and its structural integrity, a key factor for the success of its strategy.

The board of directors also acknowledged the barriers, in France and in Brazil, to a combination with Carrefour, especially in terms of competition and employment. The board unanimously decided to reject Carrefour's approach, Casino said.

Casino said, "It also observed that Carrefour's approach occurs at a time when the market for Casino's securities has been subjected to coordinated downward speculative manipulations of an unprecedented scale over the course of the past several months."

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